The Many Benefits of a VA Loan

As a member of the military, you have many benefits that are extended to you through the US Department of Veterans Affairs. One of the best programs, that millions of veterans and their families have taken advantage of, is the VA Loan guaranty program. First signed into action in 1944 with the GI Bill, the purpose of the home loan guaranty program was to make homeownership more affordable for veterans. Since then, the VA has made this dream a reality for veterans across the United States. Here are the benefits of obtaining a VA Loan:

No down payment

With a VA Loan, you can borrow up to $417,000 with no money down. Conventional loans typically require a down payment of 5-20% in order to receive a favorable interest rate. While there are some conventional loans available with no down payment, they are typically based on your credit score and come with much higher interest rates. Eligibility for VA Loans is not based on credit scores, and you will pay the same, low interest rate whether you pay 0% or 20% on the down payment.

No monthly insurance

With a VA Loan, the VA guarantees up to half the total amount of the loan. This basically insures the lender for this amount in the event of foreclosure. This makes the loan very secure for the lender, and also means you won’t have to pay private monthly insurance on the loan.

Lower interest rates

If you have a good credit score, you can often negotiate a lower interest rate with your lender. In some cases you may even get a rate that is below the current mortgage market rate.

No pre-payment penalty

If you decide to pay off your loan early either partially or in full, there is no penalty to do so. You have the option of refinancing or selling your home at any time without incurring penalty fees.

VA Loans are easier to qualify for

With a conventional loan, the amount and interest rate you receive is heavily influenced by your credit score and debt-to-income ratio. The VA is much more lenient, so even if you have a bad credit score that wouldn’t qualify for a conventional loan, there’s a very good chance you can still obtain a VA Loan.

Closing costs are minimal

Although you will still have to pay for the closing fees of the loan, the VA puts a limit on how much you will have to pay. You also have the option of letting the seller pay for all closing costs, and rolling the fees into your new loan.

Find Out What You Qualify For

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Benefits of a VA Loan

Benefits of a VA Loan
| va refinancing | va refinance mortgage loan | va refinance loan

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